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REGISTERED NUMBER: 10616065 (England and Wales)















Financial Statements for the Period 1 March 2022 to 31 March 2023

for

Transform Healthcare Limited

Previously known as
Transform Healthcare Holdings Limited

Transform Healthcare Limited (Registered number: 10616065)






Contents of the Financial Statements
for the Period 1 March 2022 to 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Transform Healthcare Limited

Company Information
for the Period 1 March 2022 to 31 March 2023







DIRECTORS: E Anglin
S Sainudeen





REGISTERED OFFICE: 132 Manchester Road
Rochdale
Greater Manchester
OL11 4JQ





REGISTERED NUMBER: 10616065 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Transform Healthcare Limited (Registered number: 10616065)

Balance Sheet
31 March 2023

31.3.23 28.2.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 70,312 -
Tangible assets 5 175,853 -
246,165 -

CURRENT ASSETS
Stocks 462,738 -
Debtors 6 1,748,219 18,112
Cash at bank 466,278 -
2,677,235 18,112
CREDITORS
Amounts falling due within one year 7 8,123,480 23,356
NET CURRENT LIABILITIES (5,446,245 ) (5,244 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,200,080

)

(5,244

)

CAPITAL AND RESERVES
Called up share capital 1,108 1,000
Retained earnings (5,201,188 ) (6,244 )
(5,200,080 ) (5,244 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





S Sainudeen - Director


Transform Healthcare Limited (Registered number: 10616065)

Notes to the Financial Statements
for the Period 1 March 2022 to 31 March 2023

1. STATUTORY INFORMATION

Transform Healthcare Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Transform Healthcare Limited (Registered number: 10616065)

Notes to the Financial Statements - continued
for the Period 1 March 2022 to 31 March 2023

2. ACCOUNTING POLICIES - continued

Going concern
The directors have considered the company's expected financial position over the 12 month period following approval of these financial statements and have determined that the continued support of its ultimate parent undertaking could be required to ensure that the company can continue to meet its liabilities as they fall due. They have indicated their intention to continue to provide the financial support necessary via a parental support letter. Furthermore, as disclosed in the post balance sheet events note to these financial statements, after the period end £1.497m of unsecured fixed interest loan notes were issued which has a positive impact on cash flow. The directors are also reviewing a restructure of operations, which is expected to return the company to profitability in the medium term. A new finance director with relevant experience has also been appointed whom will assist in their regard.

Based on the indication of these assessments and on the understanding that continued financial support will be available, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include the adjustments that would result from if the company was unable to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 287 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
Additions 74,375
At 31 March 2023 74,375
AMORTISATION
Charge for period 4,063
At 31 March 2023 4,063
NET BOOK VALUE
At 31 March 2023 70,312

Transform Healthcare Limited (Registered number: 10616065)

Notes to the Financial Statements - continued
for the Period 1 March 2022 to 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
Additions 203,729
At 31 March 2023 203,729
DEPRECIATION
Charge for period 27,876
At 31 March 2023 27,876
NET BOOK VALUE
At 31 March 2023 175,853

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 28.2.22
£ £
Trade debtors 865,537 -
Other debtors 882,682 18,112
1,748,219 18,112

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 28.2.22
£ £
Trade creditors 1,591,650 -
Amounts owed to group undertakings 2,613,997 -
Taxation and social security 594,315 -
Other creditors 3,323,518 23,356
8,123,480 23,356

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 28.2.22
£ £
Within one year 1,231,402 -
Between one and five years 1,518,902 -
2,750,304 -

Transform Healthcare Limited (Registered number: 10616065)

Notes to the Financial Statements - continued
for the Period 1 March 2022 to 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 28.2.22
£ £
Intercompany loan 748,997 -

A fixed and floating charge exists over all present and future assets of the company in respect of obligations under this arrangement.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We did not undertake a stock count as at 31 March 2023 or 28 February 2022 and therefore we were not able to obtain reasonable assurance as to the existence or completeness of stock at these dates.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Michael Forshaw FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

11. RELATED PARTY DISCLOSURES

Transform Healthcare Limited is a subsidiary of Y1 Capital Ltd. The smallest group for which consolidated financial statements are drawn up of which Transform Healthcare Limited is a member is Y1 Capital Ltd which has a registered office of 1 Gordon Street, Dumfries, Dumfries and Galloway, Scotland, DG1 1EG.

12. POST BALANCE SHEET EVENTS

After the period end the company issued £1,497,000 of unsecured fixed rate loan notes which are redeemable in tranches in the period up to year 2031.